7 Feb 2020

SBI Again reduced the FD interest rates

We all keep hearing about fixed deposit and how important they are to keep our money safe and save our money future. FD was considered a profitable deal due to interest banks gives on this. But for some time, the interest rate on retail FD has been continuously cut by banks.Especially the public sector bank SBI is continuously cutting interest rates of fixed deposits. Now SBI has reduced the FD interest rates once again. 

The bank has cut interest rates for all types of FDs except the maturity period of 7 days to 45 days.The bank has reduced the interest rate of 0.10% on FDs maturing in 1 to 10 years. Now the customers will get 6% interest on this FD. These new rates will be effective from 10 February. So a bad news for all who have FD’s. Interest rate deduction on FD means that now you will get less profit than before on deposits in savings account. Around 40 crore people have FD in SBI who are going to get affected because of this cutting of interest rate.x

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